for access to spreadsheets, please visit my website http://www.fredanlyan.com
3.20.2009
Hello Everyone,
Better economic news this week:
From CNNMoney.com,
NEW YORK (CNNMoney.com) -- Stocks managed gains for the second week in a row despite tumbling Friday, as investors pulled back after the recent run.
The Dow Jones industrial average lost 122 points or 1.7%. However, it also managed slim gains for the week, rising for the second week in a row for the first time since last May. Full story at: http://money.cnn.com/2009/03/20/markets/markets_newyork/index.htm
March 20 Wall Street Journal headline Informs "Under 5% Mortgages Are Likely At the Bottom", saying "The Federal Reserve is going to extraordinary lengths to push down long-term interest rates, including home-mortgage rates. But those hoping mortgage rates will fall sharply from current levels, already historically low, may be disappointed."
Here in the Marin County housing market, both inventory and activity are up, with exuberance of spring buoying spirits and tempting both buyers and sellers.
Single Family Residences (SFR): Inventory at 956 homes, 193 in contract, or 20.19, about a 1 point increase over two weeks ago. Still a "buyers' " market overall but mostly due to continued sluggishness in the upper end. Listings above $1million at between 5% and 12% in contract continue to be attractive buying opportunities for those flush with cash or with excellent credit and sufficient down payment. Properties under $1million at 28.7% in contract on a county-wide basis with 149 of 519 listings in contract as of March 17. Typically this would qualify as a sellers' market but sellers are cautioned that buyers continue to be particularly price and value sensitive and may wish to exercise restraint in pricing and negotiations. YTD SFR sales at 163 compared to 234 at this time last year. Average selling price at $910,508 vs last year's $1,365,544. Not necessarily an indication that housing values have declined to this extent. Market mix of homes selling comprised of more entry-level homes due to relative ease of obtaining "conforming mortgages" (up to $729,750) vs. "jumbo's". Between 3/4 and 3/17, there were 153 new listings of SFR's and125 price reductions. 73 listings went contingent, 41 pending, and 31 were sold. 26 Listings expired and 41 were withdrawn or temporarily taken off the market.
Condo's continuing their excellent run with 101 of 308 listings in contract overall, or 32.79%. In the $0-999K range, 97 of 293 listings are in contract, or 33.11%. Even the $1million-$1.99 million range has 4 of 15 units in contract, or 26.67%. Prices for sold units at $297,680 vs. last year's $584,103, or just about half. This reflecting the large numbers of REO (bank-owned) properties selling at deep discounts, particularly in Novato. Again, not necessarily an indication that condo's in the county have lost this kind of value. For an accurate assessment of market value, contact an experienced local real estate professional. Year-to-date units sold at 74 vs. 60 at this time last year, or an increase of 23.3%. For the period from 3/4/09 to 2/17/09, there were 33 new condo listings and 46 price reductions. 36 listings went contingent, 11 pending, and 15 were sold. 10 listings expired and 11 were withdrawn or temporarily taken off the market.
More next time.
Until then, best wishes to all,
Fred
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